A cell and gene therapy company using its proprietary tech to develop breakthrough therapies has announces an additional £2m investment.

Locate Bio received the funds from private equity firm Mercia Technologies and its third party fund, the Midlands Engine Investment Fund.

The company's key technologies are IntraStem and TAOS. Both are designed to address the limitations of current cell and gene therapy, which it develops from its base in Nottingham pharma incubator Medicity.

The investment will allow the company to expand the application of its technologies, including its gene therapy technology IntraStem, into new high value therapy areas to both broaden its in-house development pipeline and provide additional partnering opportunities.

"Locate is in an exciting phase of growth and these new funds will allow us to further develop our non-viral gene therapy technology,” said Nick Staples, CEO of Locate.

“These next generation technologies overcome current industry challenges in the fast-growing gene and cell therapy fields, providing a major business opportunity for Locate."

Peter Dines, Chief Operating Officer and Head of Life Sciences & Biosciences of Mercia, added: "Locate has continued to make important progress in developing its TAOS and IntraStem technologies.

“These proprietary technologies have the potential to address multi-billion pound markets in the exciting and fast-growing areas of gene and cell therapy. We look forward to continuing to support Nick and the Locate team move this cutting-edge technology forwards."